SunTrust Banks, Inc. (STI) Shares Bought by CIBC World Markets Inc.
CIBC World Markets Inc. raised its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 17.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,917 shares of the financial services provider’s stock after purchasing an additional 1,175 shares during the quarter. CIBC World Markets Inc.’s holdings in SunTrust Banks were worth $523,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of STI. Private Capital Group LLC grew its stake in SunTrust Banks by 2,085.5% during the 1st quarter. Private Capital Group LLC now owns 1,508 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 1,439 shares during the last quarter. Trust Co. of Vermont grew its stake in SunTrust Banks by 138.1% during the 2nd quarter. Trust Co. of Vermont now owns 1,905 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,105 shares during the last quarter. First Personal Financial Services grew its stake in SunTrust Banks by 114.3% during the 1st quarter. First Personal Financial Services now owns 1,963 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 1,047 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of SunTrust Banks by 52.2% in the second quarter. Parallel Advisors LLC now owns 2,318 shares of the financial services provider’s stock worth $153,000 after buying an additional 795 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its stake in shares of SunTrust Banks by 6,663.1% in the first quarter. Summit Trail Advisors LLC now owns 159,204 shares of the financial services provider’s stock worth $159,000 after buying an additional 156,850 shares during the last quarter. Institutional investors and hedge funds own 83.90% of the company’s stock.
A number of analysts have recently commented on STI shares. Sanford C. Bernstein upgraded SunTrust Banks from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 27th. They noted that the move was a valuation call. Edward Jones started coverage on SunTrust Banks in a research note on Tuesday. They issued a “hold” rating on the stock. Jefferies Financial Group restated a “buy” rating and issued a $80.00 target price on shares of SunTrust Banks in a research note on Tuesday, July 24th. Barclays upped their target price on SunTrust Banks from $77.00 to $79.00 and gave the stock a “$72.58” rating in a research note on Monday, July 23rd. Finally, Argus upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Monday, July 2nd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and fifteen have assigned a buy rating to the company’s stock. SunTrust Banks currently has an average rating of “Hold” and an average target price of $72.23.
NYSE STI opened at $73.21 on Friday. The stock has a market capitalization of $34.42 billion, a P/E ratio of 18.12, a price-to-earnings-growth ratio of 1.01 and a beta of 1.31. SunTrust Banks, Inc. has a twelve month low of $51.96 and a twelve month high of $75.08. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.54.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 20th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.19. The company had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.33 billion. SunTrust Banks had a return on equity of 10.94% and a net margin of 26.41%. SunTrust Banks’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. equities research analysts expect that SunTrust Banks, Inc. will post 5.61 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Friday, August 31st will be issued a $0.50 dividend. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, August 30th. This represents a $2.00 dividend on an annualized basis and a yield of 2.73%. SunTrust Banks’s dividend payout ratio is presently 39.60%.
SunTrust Banks declared that its board has authorized a share repurchase program on Thursday, June 28th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 6.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
SunTrust Banks Company Profile
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
Recommended Story: What are the Different Types of Leveraged Buyouts?
Want to see what other hedge funds are holding STI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SunTrust Banks, Inc. (NYSE:STI).
Receive News & Ratings for SunTrust Banks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SunTrust Banks and related companies with MarketBeat.com's FREE daily email newsletter.